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The regulator indicated "a lack of current, consistent and accurate information" in the two cryptographic investment vehicles issued by the Swedish company XBT Provider AB following their entry into the US market last month.
The Securities and Exchange Commission (SEC) on Sunday issued an order to stop the trading of Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF), two investment products that track cryptocurrencies. The two securities traded on exchange (ETN) are issued by the Swedish company XBT Provider AB, a subsidiary of Coinshares Holdings based in the United Kingdom.
The two products have been listed on the Nasdaq stock exchange in Stockholm since 2015 and entered the US market last month under the CXBTF ticker, allowing domestic investors to access and invest in ETTR crypts in an over the counter (OTC) market with their US dollars.
The Securities and Exchange Commission announced the temporary suspension of trading in securities Bitcoin Tracker One ("CXBTF") and Ether Tracker One ("CETHF") start at 17:30 EDT on 9 September 2018 and end at 11.59 pm EDT of 20 September 2018. https://t.co/ 5z1vEYFBFB
– SEC_News (@SEC_News) 9 September 2018
"The materials for the applications of financial intermediaries presented to allow the offer and the sale of these financial products in the United States, as well as certain trading websites, define them as "exchange-traded funds", "th and the SEC has elaborated, explaining its decision in its official order. "Other public sources characterize the tools as" Exchange Traded Notes ". By contrast, the issuer characterizes them in its offer materials as" non-equity-related certificates ".
The regulator said :
"The Commission is of the opinion that the public interest and investor protection require a suspension of trading in the aforementioned company's securities. "
SEC stated that the presence of ETNs on the US market caused" confusion among market participants ", resulting in the temporary pause.The suspension started at 17:30 EDT on Sunday 9 September and will last until 11 : 59 EDT of September 20.
A representative of CoinsShares was not immediately available for comment at the time of the press.
Close-up image of Shutterstock.
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